QUESTIONS WITHOUT NOTICE

Dr MULINO (Fraser—Assistant Treasurer and Minister for Financial Services) (14:48): I thank the member for Aston for her question, and I acknowledge that she has, throughout her time in this place, been such a strong advocate for measures that will help Australians with the cost of living. We know that too many Australians feel like the economy hasn't been working for them and that that pressure has been building for a long time.

Australians only have to look at their supermarket receipts to know just how tough things have been, and they've been getting tough for so many people. That's why we're delivering real reform that will make a difference at the supermarket checkout, and can I acknowledge the hard work of the Assistant Minister for Productivity, Competition, Charities and Treasury, who has been responsible for leading so many of the measures that I'm going to outline in this answer.

From 1 July 2026, it will be illegal for very large supermarkets such as Coles and Woolworths to charge prices that are excessive when compared to the cost of supply plus a reasonable margin. Our new laws are intended to ensure that prices more closely reflect what would occur in a competitive market, protecting Australian consumers. The Australian Competition and Consumer Commission will enforce these laws.

Any retailers found to be in breach will face a fine the greater of $10 million, three times the value of the benefit derived or 10 per cent of annual turnover during the preceding 12 months. These are new regulatory powers with real teeth. These are tough laws which are in the best interests of consumers and the best interests of the broader community.

These are part of the Albanese government's broader agenda to boost competition and protect Australian consumers at the checkout, including strengthening the unit pricing code; including measures to tackle shrinkflation; implementing the recommendations to improve transparency in relation to prices, price trends, promotions and loyalty programs in the sector; providing the ACCC with over $30 million to address harmful or misleading conduct in the supermarket and retail sectors; launching the Supporting Fresh Produce Suppliers—Food and Grocery Code Education Program, which provides $2 million in grants to help fresh produce suppliers gain the skills they need to stand up to the big supermarkets; and making the Food and Grocery Code of Conduct mandatory, with multimillion-dollar penalties for serious breaches, something which hadn't happened under a decade of those opposite.

It was something those opposite opposed. The opposition, on these issues and so many other issues, is the party of the status quo, the party standing in the way of good reform, as we saw yet again last week. This government is delivering reforms that will result in concrete improvements in people's everyday lives.

We're delivering real change and protecting Australians from price gouging at the supermarket check-out.